FOR IMMEDIATE RELEASE: October 14, 2021
(LANSING, MICH) The Michigan Department of Insurance and Financial Services (DIFS) is alerting consumers to an increasingly common scam in which victims receive a phone call or text from someone claiming to be from their financial institution in an attempt to gain access to financial accounts to steal funds.
“The criminals perpetrating these fraudulent schemes are becoming increasingly cunning, and victims can lose thousands of dollars if they aren’t careful,” said DIFS Director Anita Fox. “It is up to every one of us to take the necessary precautions to protect our personal information, even when it appears that a phone call or text message is coming from a legitimate source.”
In this scam, the victim receives a phone call or text message that appears to be from the financial institution’s legitimate phone number with a technique known as “spoofing.” In the call or text, the scammer lies to the victim about an issue with their account, such as an unauthorized purchase or overdraft, and then assures the victim that they can resolve the issue during…